This report does not constitute a rating action. Overview Key strengths Key risks Largest provider of corporate services in Asia, with good customer retention. High leverage with debt-to-EBITDA ratio at 7x-8x over the next 12 months. High recurring revenue with good visibility. Margin pressure from higher staffing costs and exceptional charges as it expands in the U.S. Stronger profitability than rated peers with lower cost base in Asia. Material exposure to reputation and regulatory risk. . We anticipate organic revenue growth to slow to 2%-3% annually for 2026 and 2027, down from our previous forecast of 3%-5%. Weak outbound investments by U.S. corporations and some market share loss in Southeast Asia will somewhat temper Vistra's growth. Uncertainties around geopolitical developments
